Jane Street Group LLC Has $1.92 Million Stock Position in Argan, Inc. (NYSE:AGX)

Jane Street Group LLC cut its stake in Argan, Inc. (NYSE:AGX) by 71.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,886 shares of the construction company’s stock after selling 46,570 shares during the period. Jane Street Group LLC’s holdings in Argan were worth $1,916,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Argan during the 2nd quarter worth about $41,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Argan in the third quarter valued at approximately $43,000. Copeland Capital Management LLC bought a new position in Argan in the 3rd quarter worth approximately $56,000. Point72 DIFC Ltd acquired a new position in Argan during the 2nd quarter worth $70,000. Finally, nVerses Capital LLC bought a new position in Argan in the 3rd quarter valued at $91,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AGX has been the subject of several analyst reports. Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and lifted their price target for the stock from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities reiterated a “market perform” rating and issued a $150.00 price objective on shares of Argan in a report on Friday, December 6th. Finally, StockNews.com cut shares of Argan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th.

Argan Stock Up 2.3 %

Shares of Argan stock opened at $143.57 on Wednesday. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 30.04 and a beta of 0.53. Argan, Inc. has a twelve month low of $43.44 and a twelve month high of $165.33. The company’s fifty day moving average is $143.04 and its 200 day moving average is $103.33.

Argan (NYSE:AGX) last released its earnings results on Thursday, December 5th. The construction company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.74. Argan had a net margin of 8.20% and a return on equity of 21.66%. The business had revenue of $257.00 million during the quarter, compared to the consensus estimate of $225.60 million. The business’s quarterly revenue was up 56.9% compared to the same quarter last year.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Thursday, January 23rd will be given a dividend of $0.375 per share. The ex-dividend date is Thursday, January 23rd. This represents a $1.50 annualized dividend and a dividend yield of 1.04%. Argan’s payout ratio is 31.38%.

Insiders Place Their Bets

In other Argan news, Director Rainer H. Bosselmann sold 4,598 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $131.01, for a total transaction of $602,383.98. Following the transaction, the director now owns 236,745 shares in the company, valued at approximately $31,015,962.45. This represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David Hibbert Watson sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total value of $1,460,500.00. Following the completion of the transaction, the chief executive officer now owns 51,291 shares in the company, valued at $7,491,050.55. This represents a 16.32 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,703 shares of company stock worth $3,377,544. 11.85% of the stock is owned by corporate insiders.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.